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RESTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended
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Mar. 31, 2021
Prior Period Adjustment [Abstract] |
Error Correction [Text Block] | NOTE 2: RESTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Subsequent to the filing of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021, management identified certain restatements and other immaterial revisions. Fair Value Restatements In January 2021, the Company purchased corporate investments that consisted of unsecured convertible debentures and purchase warrants. As a result of additional analysis of the fair value of these corporate investments, the purchase price of the corporate investments was reallocated to the unsecured convertible debentures and purchase warrants at the acquisition date, and the fair value of the unsecured convertible debentures was understated by $7.5 million, and the fair value of purchase warrants was overstated by $1.7 million at March 31, 2021. The impact of these corrections to previously reported financial statements is an increase in employee compensation and benefits expense of $60,000, a decrease to investment income of $7.1 million, a decrease to net income of $5.6 million, a decrease in basic and diluted earnings per share of $0.37, and an increase in other comprehensive income net of tax of $10.1 million for the three and nine months ended March 31, 2021. The impact to the balance sheet is a net increase in investments of $5.8 million, a net increase in liabilities of $1.2 million, and an increase in equity of $4.5 million. As a result of this, Note 4 has been updated to include disclosures related to level 3 measurements. Other Immaterial Revisions The Company was granted forgiveness of its Paycheck Protection Program ("PPP") loan and accrued interest totaling $444,000 in the quarter ended December 31, 2020. The Company recorded the extinguishment of debt related to the forgiveness as other operating revenue instead of other income in both the December 31, 2020, and the March 31, 2021, financial statements. This revision has no impact on net income or earnings per share and was deemed immaterial. Since the Company is restating the March 31, 2021, Form 10-Q, the reclassification of the PPP loan forgiveness is included in the restated Form 10-Q/A. For the quarter and nine months ended March 31, 2021, the line-item other operating revenue was removed, and the line-item gain on forgiveness of PPP loan was added to other income. For comparative purposes, the unaudited interim financial statements for the quarter and six months ended December 31, 2020 will include the reclassification when presented. In addition, the Company recorded changes in the fair value of investment securities and sales of short-term investments within “Changes in operating assets and liabilities” on the statement of cash flows in prior periods instead of within “Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities” and “Cash flows from investing activities,” respectively. These revisions had no impact on net income or earnings per share and were deemed immaterial. Since the Company is restating the March 31, 2021, Form 10-Q, the revisions are included in the restated Form 10-Q/A. Accordingly, the line-item “Investment securities” was removed, and the balances were reclassified to unrealized investment (gains) losses on securities and proceeds on sales of current investments. For comparative purposes, the unaudited interim financial statements of prior periods will include the reclassification when presented. For the quarter ended September 30, 2020, ($994,000) will be reclassified from investment securities to unrealized investment gains on securities. For the six months ended December 31, 2020, ($6.5 million) will be reclassified from investment securities to unrealized investment gains on securities. Impact of Restatement Adjustments on Unaudited Quarterly Financial Statements The effects of the restatement on our unaudited consolidated financial statements as of and for the three and nine months ended March 31, 2021, and on our unaudited statement of cash flows for the nine months ended March 31, 2020, are set forth as follows. CONSOLIDATED BALANCE SHEETS
|  | March 31, 2021 |
Assets |  | (unaudited) |
(dollars in thousands) |  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,479 |  |  | $ | - |  |  | $ | 9,479 |
Restricted cash |  |  | 1,000 |  |  |  | - |  |  |  | 1,000 |
Investments in securities at fair value |  |  | 6,322 |  |  |  | - |  |  |  | 6,322 |
Accounts and other receivables |  |  | 2,645 |  |  |  | - |  |  |  | 2,645 |
Prepaid expenses |  |  | 430 |  |  |  | - |  |  |  | 430 |
Total Current Assets |  |  | 19,876 |  |  |  | - |  |  |  | 19,876 |
Net Property and Equipment |  |  | 1,388 |  |  |  | - |  |  |  | 1,388 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity securities at fair value, non-current |  |  | 18,635 |  |  |  | (1,696 | ) |  |  | 16,939 |
Investments in available-for-sale debt securities at fair value |  |  | 16,470 |  |  |  | 7,457 |  |  |  | 23,927 |
Other investments |  |  | 2,940 |  |  |  | - |  |  |  | 2,940 |
Investments in held-to-maturity debt securities |  |  | 1,000 |  |  |  | - |  |  |  | 1,000 |
Equity method investments |  |  | 596 |  |  |  | - |  |  |  | 596 |
Right of use assets |  |  | 56 |  |  |  | - |  |  |  | 56 |
Other assets, non-current |  |  | 100 |  |  |  | - |  |  |  | 100 |
Total Other Assets |  |  | 39,797 |  |  |  | 5,761 |  |  |  | 45,558 |
Total Assets |  | $ | 61,061 |  |  | $ | 5,761 |  |  | $ | 66,822 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 72 |  |  | $ | - |  |  | $ | 72 |
Accrued compensation and related costs |  |  | 692 |  |  |  | 55 |  |  |  | 747 |
Dividends payable |  |  | 226 |  |  |  | - |  |  |  | 226 |
Lease liability, short-term |  |  | 52 |  |  |  | - |  |  |  | 52 |
Other accrued expenses |  |  | 1,221 |  |  |  | 5 |  |  |  | 1,226 |
Taxes payable |  |  | 3,515 |  |  |  | (43 | ) |  |  | 3,472 |
Note payable, current |  |  | - |  |  |  | - |  |  |  | - |
Total Current Liabilities |  |  | 5,778 |  |  |  | 17 |  |  |  | 5,795 |
Long-Term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liability |  |  | 4,681 |  |  |  | 1,216 |  |  |  | 5,897 |
Lease liability, long-term |  |  | 4 |  |  |  | - |  |  |  | 4 |
Total Long-Term Liabilities |  |  | 4,685 |  |  |  | 1,216 |  |  |  | 5,901 |
Total Liabilities |  |  | 10,463 |  |  |  | 1,233 |  |  |  | 11,696 |
Commitments and Contingencies |  |  |  |  |  |  |  |  |  |  |  |
Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Common stock (class A) - $0.025 par value; nonvoting; authorized, 28,000,000 shares; issued, 13,866,913 shares at March 31, 2021, and June 30, 2020 |  |  | 347 |  |  |  | - |  |  |  | 347 |
Common stock (class B) - $0.025 par value; nonvoting; authorized, 4,500,000 shares; no shares issued |  |  | - |  |  |  | - |  |  |  | - |
Convertible common stock (class C) - $0.025 par value; voting; authorized, 3,500,000 shares; issued, 2,068,635 shares at March 31, 2021, and June, 30, 2020 |  |  | 52 |  |  |  | - |  |  |  | 52 |
Additional paid-in-capital |  |  | 15,628 |  |  |  | - |  |  |  | 15,628 |
Treasury stock, class A shares at cost; 883,326 shares and 855,432 shares at March 31, 2021, and June 30, 2020, respectively |  |  | (2,051 | ) |  |  | - |  |  |  | (2,051 | )
Accumulated other comprehensive income (loss), net of tax |  |  | 1,695 |  |  |  | 10,145 |  |  |  | 11,840 |
Retained earnings |  |  | 34,927 |  |  |  | (5,617 | ) |  |  | 29,310 |
Total Shareholders’ Equity |  |  | 50,598 |  |  |  | 4,528 |  |  |  | 55,126 |
Total Liabilities and Shareholders’ Equity |  | $ | 61,061 |  |  | $ | 5,761 |  |  | $ | 66,822 |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|  | Nine Months Ended March 31, 2021 |  |  | Three Months Ended March 31, 2021 |
(dollars in thousands, except per share data) |  | As Previously Reported |  |  | Restatement Adjustments |  |  | Other Immaterial Revisions |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advisory fees |  | $ | 14,168 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,168 |  |  | $ | 6,304 |  |  | $ | - |  |  | $ | 6,304 |
Administrative services fees |  |  | 153 |  |  |  | - |  |  |  | - |  |  |  | 153 |  |  |  | 51 |  |  |  | - |  |  |  | 51 |
Other operating revenue |  |  | 444 |  |  |  | - |  |  |  | (444 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 14,765 |  |  |  | - |  |  |  | (444 | ) |  |  | 14,321 |  |  |  | 6,355 |  |  |  | - |  |  |  | 6,355 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 5,582 |  |  |  | 60 |  |  |  | - |  |  |  | 5,642 |  |  |  | 1,382 |  |  |  | 60 |  |  |  | 1,442 |
General and administrative |  |  | 4,066 |  |  |  | - |  |  |  | - |  |  |  | 4,066 |  |  |  | 1,528 |  |  |  | - |  |  |  | 1,528 |
Advertising |  |  | 162 |  |  |  | - |  |  |  | - |  |  |  | 162 |  |  |  | 44 |  |  |  | - |  |  |  | 44 |
Depreciation and amortization |  |  | 147 |  |  |  | - |  |  |  | - |  |  |  | 147 |  |  |  | 49 |  |  |  | - |  |  |  | 49 |
|  |  | 9,957 |  |  |  | 60 |  |  |  | - |  |  |  | 10,017 |  |  |  | 3,003 |  |  |  | 60 |  |  |  | 3,063 |
Operating Income (Loss) |  |  | 4,808 |  |  |  | (60 | ) |  |  | (444 | ) |  |  | 4,304 |  |  |  | 3,352 |  |  |  | (60 | ) |  |  | 3,292 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  |  | 37,205 |  |  |  | (7,081 | ) |  |  | - |  |  |  | 30,124 |  |  |  | 15,505 |  |  |  | (7,081 | ) |  |  | 8,424 |
Income (loss) from equity method investments |  |  | 420 |  |  |  | - |  |  |  | - |  |  |  | 420 |  |  |  | (64 | ) |  |  | - |  |  |  | (64 | )
Gain on forgiveness of PPP loan |  |  | - |  |  |  | - |  |  |  | 444 |  |  |  | 444 |  |  |  | - |  |  |  | - |  |  |  | - |
Other income |  |  | 92 |  |  |  | - |  |  |  | - |  |  |  | 92 |  |  |  | 33 |  |  |  | - |  |  |  | 33 |
|  |  | 37,717 |  |  |  | (7,081 | ) |  |  | 444 |  |  |  | 31,080 |  |  |  | 15,474 |  |  |  | (7,081 | ) |  |  | 8,393 |
Income from Continuing Operations Before Income Taxes |  |  | 42,525 |  |  |  | (7,141 | ) |  |  | - |  |  |  | 35,384 |  |  |  | 18,826 |  |  |  | (7,141 | ) |  |  | 11,685 |
Provision for Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax expense (benefit) |  |  | 9,696 |  |  |  | (1,524 | ) |  |  | - |  |  |  | 8,172 |  |  |  | 4,602 |  |  |  | (1,524 | ) |  |  | 3,078 |
Net Income |  |  | 32,829 |  |  |  | (5,617 | ) |  |  | - |  |  |  | 27,212 |  |  |  | 14,224 |  |  |  | (5,617 | ) |  |  | 8,607 |
Net Income Attributable to U.S. Global Investors, Inc. |  | $ | 32,829 |  |  | $ | (5,617 | ) |  | $ | - |  |  | $ | 27,212 |  |  | $ | 14,224 |  |  | $ | (5,617 | ) |  | $ | 8,607 |
Earnings Per Share Attributable to U.S. Global Investors, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic Net Income per Share |  | $ | 2.18 |  |  | $ | (0.37 | ) |  | $ | - |  |  | $ | 1.81 |  |  | $ | 0.94 |  |  | $ | (0.37 | ) |  | $ | 0.57 |
Diluted Net Income per Share |  | $ | 2.18 |  |  | $ | (0.37 | ) |  | $ | - |  |  | $ | 1.81 |  |  | $ | 0.94 |  |  | $ | (0.37 | ) |  | $ | 0.57 |
Basic weighted average number of common shares outstanding |  |  | 15,075,064 |  |  |  |  |  |  |  |  |  |  |  | 15,075,064 |  |  |  | 15,061,818 |  |  |  |  |  |  |  | 15,061,818 |
Diluted weighted average number of common shares outstanding |  |  | 15,075,795 |  |  |  |  |  |  |  |  |  |  |  | 15,075,795 |  |  |  | 15,062,988 |  |  |  |  |  |  |  | 15,062,988 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
|  | Nine Months Ended March 31, 2021 |  |  | Three Months Ended March 31, 2021 |
(dollars in thousands) |  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Net Income (Loss) Attributable to U.S. Global Investors, Inc. |  | $ | 32,829 |  |  | $ | (5,617 | ) |  | $ | 27,212 |  |  | $ | 14,224 |  |  | $ | (5,617 | ) |  | $ | 8,607 |
Other Comprehensive Income, Net of Tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains on available-for-sale securities arising during period |  |  | 1,681 |  |  |  | 10,581 |  |  |  | 12,262 |  |  |  | 1,681 |  |  |  | 10,581 |  |  |  | 12,262 |
Less: reclassification adjustment for gains included in net income |  |  | - |  |  |  | (436 | ) |  |  | (436 | ) |  |  | - |  |  |  | (436 | ) |  |  | (436 | )
Net change from available-for-sale securities, net of tax |  |  | 1,681 |  |  |  | 10,145 |  |  |  | 11,826 |  |  |  | 1,681 |  |  |  | 10,145 |  |  |  | 11,826 |
Foreign currency translation adjustment |  |  | 18 |  |  |  | - |  |  |  | 18 |  |  |  | 6 |  |  |  | - |  |  |  | 6 |
Other Comprehensive Income |  |  | 1,699 |  |  |  | 10,145 |  |  |  | 11,844 |  |  |  | 1,687 |  |  |  | 10,145 |  |  |  | 11,832 |
Comprehensive Income Attributable to U.S. Global Investors, Inc. |  | $ | 34,528 |  |  | $ | 4,528 |  |  | $ | 39,056 |  |  | $ | 15,911 |  |  | $ | 4,528 |  |  | $ | 20,439 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
Balance at March 31, 2021 (dollars in thousands) |  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Accumulated Other Comprehensive Income (Loss) |  | $ | 1,695 |  |  | $ | 10,145 |  |  | $ | 11,840 |
Retained Earnings |  | $ | 34,927 |  |  | $ | (5,617 | ) |  | $ | 29,310 |
Total |  | $ | 50,598 |  |  | $ | 4,528 |  |  | $ | 55,126 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|  | Nine Months Ended March 31, 2021 |
(dollars in thousands) |  | As Previously Reported |  |  | Restatement Adjustments |  |  | Other Immaterial Revisions |  |  | As Restated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 32,829 |  |  | $ | (5,617 | ) |  | $ | - |  |  | $ | 27,212 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 147 |  |  |  | - |  |  |  | - |  |  |  | 147 |
Net recognized loss on disposal of fixed assets |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 7 |
Net recognized gain on securities |  |  | (15,506 | ) |  |  | - |  |  |  | - |  |  |  | (15,506 | )
Amortization of premium on debt securities |  |  | - |  |  |  | 83 |  |  |  | - |  |  |  | 83 |
Accretion of discount on debt securities |  |  | - |  |  |  | (552 | ) |  |  | - |  |  |  | (552 | )
Unrealized investment (gains) losses on securities |  |  | - |  |  |  | 7,550 |  |  |  | (21,226 | ) |  |  | (13,676 | )
Investment basis adjustment |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | 27 |
Gain on disposal of Galileo |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net (income) loss from equity method investment |  |  | (420 | ) |  |  | - |  |  |  | - |  |  |  | (420 | )
Net loss from discontinued operations, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign currency transaction loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Provision for deferred taxes |  |  | 4,234 |  |  |  | (1,481 | ) |  |  | - |  |  |  | 2,753 |
Stock bonuses |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | 18 |
PPP loan forgiveness |  |  | (444 | ) |  |  | - |  |  |  | - |  |  |  | (444 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable and other receivables |  |  | (1,671 | ) |  |  | - |  |  |  | - |  |  |  | (1,671 | )
Prepaid expenses and other assets |  |  | (117 | ) |  |  | - |  |  |  | - |  |  |  | (117 | )
Investment securities |  |  | (21,226 | ) |  |  | - |  |  |  | 21,226 |  |  |  | - |
Accounts payable and accrued expenses |  |  | 4,062 |  |  |  | 17 |  |  |  | - |  |  |  | 4,079 |
Total adjustments |  |  | (30,889 | ) |  |  | 5,617 |  |  |  | - |  |  |  | (25,272 | )
Net cash provided by operating activities |  |  | 1,940 |  |  |  | - |  |  |  | - |  |  |  | 1,940 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (36 | ) |  |  | - |  |  |  | - |  |  |  | (36 | )
Purchase of investments in securities at fair value, non-current |  |  | (135 | ) |  |  | (5,853 | ) |  |  | - |  |  |  | (5,988 | )
Purchase of other investments |  |  | (665 | ) |  |  | - |  |  |  | - |  |  |  | (665 | )
Purchase of held-to-maturity investments |  |  | (1,000 | ) |  |  | - |  |  |  | - |  |  |  | (1,000 | )
Purchase of available-for-sale investments |  |  | (15,000 | ) |  |  | 5,853 |  |  |  | - |  |  |  | (9,147 | )
Proceeds from sale of Galileo |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Proceeds on sale of non-current investments |  |  | 22,355 |  |  |  | - |  |  |  | - |  |  |  | 22,355 |
Proceeds from maturity of corporate bonds |  |  | 658 |  |  |  | - |  |  |  | - |  |  |  | 658 |
Return of capital on investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net cash provided by investing activities |  |  | 6,177 |  |  |  | - |  |  |  | - |  |  |  | 6,177 |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
Repurchases of common stock |  |  | (189 | ) |  |  | - |  |  |  | - |  |  |  | (189 | )
Dividends paid |  |  | (414 | ) |  |  | - |  |  |  | - |  |  |  | (414 | )
Net cash used in financing activities |  |  | (599 | ) |  |  | - |  |  |  | - |  |  |  | (599 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 7,518 |  |  |  | - |  |  |  | - |  |  |  | 7,518 |
Beginning cash, cash equivalents, and restricted cash |  |  | 2,961 |  |  |  | - |  |  |  | - |  |  |  | 2,961 |
Ending cash, cash equivalents, and restricted cash |  | $ | 10,479 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,479 |
Supplemental Disclosures of Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for income taxes |  | $ | 1,902 |  |  |  |  |  |  |  |  |  |  | $ | 1,902 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
|  | Nine Months Ended March 31, 2020 |
(dollars in thousands) |  | As Previously Reported |  |  | Other Immaterial Revisions |  |  | As Restated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (6,300 | ) |  | $ | - |  |  | $ | (6,300 | )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |
Depreciation and amortization |  |  | 152 |  |  |  | - |  |  |  | 152 |
Unrealized investment losses on securities |  |  | - |  |  |  | 3,995 |  |  |  | 3,995 |
Investment basis adjustment |  |  | (49 | ) |  |  | - |  |  |  | (49 | )
Gain on disposal of Galileo |  |  | (151 | ) |  |  | - |  |  |  | (151 | )
Net loss from equity method investment |  |  | 146 |  |  |  | - |  |  |  | 146 |
Net loss from discontinued operations, net of tax |  |  | 338 |  |  |  | - |  |  |  | 338 |
Foreign currency transaction loss |  |  | 228 |  |  |  | - |  |  |  | 228 |
Provision for deferred taxes |  |  | (139 | ) |  |  | - |  |  |  | (139 | )
Stock bonuses |  |  | 3 |  |  |  | - |  |  |  | 3 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable and other receivables |  |  | 108 |  |  |  | - |  |  |  | 108 |
Prepaid expenses and other assets |  |  | (148 | ) |  |  | - |  |  |  | (148 | )
Investment securities |  |  | 5,707 |  |  |  | (5,707 | ) |  |  | - |
Accounts payable and accrued expenses |  |  | 456 |  |  |  | - |  |  |  | 456 |
Total adjustments |  |  | 6,651 |  |  |  | (1,712 | ) |  |  | 4,939 |
Net cash provided by (used in) operating activities |  |  | 351 |  |  |  | (1,712 | ) |  |  | (1,361 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of other investments |  |  | (75 | ) |  |  | - |  |  |  | (75 | )
Proceeds from sale of Galileo |  |  | 746 |  |  |  | - |  |  |  | 746 |
Proceeds on sale of current investments |  |  | - |  |  |  | 1,712 |  |  |  | 1,712 |
Return of capital on investments |  |  | 10 |  |  |  | - |  |  |  | 10 |
Net cash provided by investing activities |  |  | 681 |  |  |  | 1,712 |  |  |  | 2,393 |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 2 |  |  |  | - |  |  |  | 2 |
Repurchases of common stock |  |  | (74 | ) |  |  | - |  |  |  | (74 | )
Dividends paid |  |  | (340 | ) |  |  | - |  |  |  | (340 | )
Net cash used in financing activities |  |  | (412 | ) |  |  | - |  |  |  | (412 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 620 |  |  |  | - |  |  |  | 620 |
Beginning cash, cash equivalents, and restricted cash |  |  | 2,491 |  |  |  | - |  |  |  | 2,491 |
Ending cash, cash equivalents, and restricted cash |  | $ | 3,111 |  |  | $ | - |  |  | $ | 3,111 |

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